Data gathered by Finanso.se has revealed the European digital payments market is expected to hit a record USD 802 bln transaction value in 2020, with a 9.9% YOY growth rate.
The strong upward trend is set to continue in the following years, with the market value reaching nearly USD trn by 2023.
Digital commerce represents the most significant segment of the market, expected to generate more than 90% of the transactions this year. The average transaction value per user in this part of the European digital payments industry also increased over the last three years, rising from USD 1,053 in 2017 to over USD 1,239 in 2020.
However, the mobile POS payments segment of the market is expected to witness even more significant growth in the following years. The transaction value of the European mobile payments jumped 2.5 times in the last three years, rising from USD 17.4 million in 2017 to over USD 48 million in 2020. By the end of 2023, this figure is forecast to hit more than USD 111.4 million.
The average transaction value per user in the mobile payments segment nearly doubled over the last three years, reaching USD 931 in 2020. Statistics indicate this amount will hit USD 1,767 by 2023, or three times more than the 2017 figures.
In 2017, there were over 601 million people in Europe using digital payments. Over the last three years, this number increased to more than 660 million. Statistics show the number of Europeans using cashless payment is set to reach 705 million by 2023.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now